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2-YEAR PROCESS: AgriBank shuffles plans, goes with total retirement outsourcing.

Publication: Pensions & Investments
Publication Date: 03-FEB-03
Format: Online
Delivery: Immediate Online Access
Full Article Title: 2-YEAR PROCESS: AgriBank shuffles plans, goes with total retirement outsourcing.(News)

Article Excerpt
Byline: Arleen Jacobius

ST. PAUL, Minn. - Executives for AgriBank FCB, administrator for a conglomerate of 36 farm credit employers, revamped the company's $1.09 billion retirement plan program and placed the whole package under a single administrator.

Completing a process that began more than two years ago, AgriBank executives:

* merged two money purchase plans into a single profit-sharing plan;

* merged three other defined contribution plans into one 401(k);

* froze two defined benefit plans; and

* converted a third defined benefit plan into a cash balance plan, then pooled the assets of all three for investment purposes.

Hewitt Associates LLC, Lincolnshire, Ill., assisted with the investment analysis, and internal staff did the...

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